Bildkälla: Stockfoto

Litium: Awaiting comeback in B2C momentum - ABG

'24e-'26e ARR cut by 2-3% on continued macro weakness
B2C business momentum likely to return in H2'24
EV/ARR ~2x, '24e EV/EBITDA ~11x


What to look for in Q1'24e

For Q1, we expect a reported ARR of SEK 73m and sales of SEK 16.1m. Both of these figures imply y-o-y growth of 4%. We also anticipate an EBITDA of SEK 3.5m, which corresponds to a margin of ~22%, and operating cash flow of SEK ~6m. Given the linearity of the ARR growth and the large share of recurring, fixed revenues, it is unlikely that sales will be more volatile than history suggests.
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